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Flounder Corporation sells one product, with information for July as follows: Flounder uses the FIFO...

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Accounting

Flounder Corporation sells one product, with information for July as follows:
Flounder uses the FIFO cost formula. All purchases and sales are on account. Ignore any estimated returns on purchases and sales.
Your answer is partially correct.
Assume Flounder uses a periodic system. Prepare all journal entries needed, including the end-of-month adjusting entry to record
cost of goods sold. A physical count indicates that the ending inventory for July is 110 units. (Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for
the account titles and enter 0 for the amounts. List all debit entries before credit entries. Record journal entries in the
order presented in the problem.)
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